Data analysis is one of the hottest and most in-demand skill sets of the past 5-6 years, but because this is still an emerging and fast-moving set of concepts, tools, and applications, it can be hard to understand the data-related hiring market and career opportunities. In such a rapidly evolving space – which now impacts most industries – the job market can be equally exciting and confusing. This post will explain the state of the data analysis career market and take a look at the kinds of graduate degrees that can help set one up for a cutting-edge career devising data-focused solutions.
The concept of big data emerged more than 15 years ago when e-commerce companies and social media platforms realized that the massive amounts of user and consumer behavior data they were amassing must be valuable. At that time few companies were able to leverage the data to devise strategies, make more informed decisions, and drive business outcomes. However, in the past decade, newly specialized data analysts and data scientists have found ways to interpret patterns, trends, and stories within large data sets, making new levels of analysis and programming possible. The future outlook for these technologies and jobs is robust, and 80% of the 800+ companies surveyed for the World Economic Forum’s Future of Jobs Report (2023) responded that they are likely or highly likely to adopt big data analytics in the next five years and 58% of companies expect big data analytics to drive job creation – more than any other technological area. Let’s look at where data analysis jobs are and how to get into this field.
What kinds of companies are doing data analysis?
We recently spoke with a connection who works at Tesla in San Jose, California. She shared that the biggest names in Silicon Valley – Google, Amazon, Meta, Tesla, Apple, etc. – are considered to be leading the data hiring industry. These companies most often create new and different data roles because of their ability to collect billions of data points and use that information to improve their products, services, and user experiences. Because these companies are in many ways defining the market, they are also some of the most competitive places to get a data-related job. Beyond the biggest tech companies, healthcare and government are two major employers of data professionals. Here you can see the careers page for the US Department of Transportation Statistics, which has openings for econometricians and an array of analysts. Today, companies in all industries are learning to use data to improve their efficiency, production, service, and other offerings. Because these jobs span so many different industries, it can be challenging to get a clear picture of the job market.
What are the jobs/roles?
Beyond the most general job titles like data analyst and data scientist, specialized roles are cropping up every month. For example, according to the previously mentioned Future of Jobs Report, LinkedIn data shows that Sustainability Analyst and Customer Success Analyst were two of its ten fastest growing job titles from 2018-2022. In the list below, also taken from Future of Jobs Report, all but one (agricultural equipment operators) of the top 14 roles in the projected job creation survey are likely to work directly with or adjacent to data analysis in their roles. This tells us this is a new and evolving space with new functions – and titles – emerging every year.
Which degrees?
For those looking to pilot their careers towards a data-focused job or build analytical skills directly after their undergraduate studies, MS programs in business analytics, data science, information management or function-specific analytics degrees like marketing analytics will be the best choice. As with the job market, most of these programs are less than ten years old and it is common to see changes to program requirements from year-to-year. As a general rule, data science degrees are an option only for those who already have professional experience working with data and computer programming at a very technical level. Business analytics programs can vary widely in how technical they are and how accessible they are (or aren’t), with some programs openly inviting those with no data skills to apply while others have strict quantitative and data skills prerequisites. As mentioned above, this is a changing landscape, so the best approach to understanding which programs feel accessible to your profile will be visiting the program websites and attending information sessions.
How to prepare for these degrees?
There are a few valuable steps you can take to build your profile if you are expecting to apply for an MS in Business Analytics program and have few or no data skills. If you have not taken relevant courses in university, first, take analytics-related courses online and earn accredited certifications from sites like Coursera and DataCamp. This Data Analysis with R Specialization certification offered by Duke University and this Data Analyst with Python certification from DataCamp are good examples. Once you have built up a skills base, you might give yourself some projects by searching GitHub or other sources for data sets you can work on. Finally, and most valuably, you can seek out an internship or a job working with data. Real-world experience using data tools and languages is the strongest evidence of your preparedness to study in a business analytics or data science program.
[Conclusion]
At Transcend Admissions Consultants, we have seen analytics-related application trends align with the industry statistics and surveys shared in this article. Business analytics, data science, and information science programs have been the second-most popular application type after MBA for the past three years, with more inquiries and applications coming in each year. That puts us on the frontline of monitoring analytics programs, their prerequisites, and admissions standards. If you’re considering pursuing a data-related degree, book a free 20-minute consultation today to understand your current fit for your target program